The global microcatheters market is projected to reach USD 924 Million by 2024 from USD 688 Million in 2018, at a CAGR of 5.0% from 2018 to 2024. Growth in the microcatheters market can be attributed to the growth in the target patient population (suffering from cardiovascular diseases, neurovascular disorders, and cancer), rising adoption of minimally invasive surgical procedures, and the increasing number of microcatheter-assisted clinical research studies. On the other hand, the premium product pricing, unfavorable taxation policies, and trade barriers are expected to limit market growth to a certain extent.
The major players operating in the microcatheters market include Boston Scientific Corporation (US), Medtronic Plc (Ireland), Terumo Corporation (Japan), ASAHI INTECC CO., LTD. (Japan), MERIT MEDICAL SYSTEMS, INC. (US), Teleflex Incorporated (US), Johnson and Johnson (US), Stryker Corporation (US), Cook Group Incorporated (US), Cardinal Health, Inc. (US), Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany), AngioDynamics, Inc. (US), Penumbra (US), and BTG PLC (UK), among others. An analysis of the market developments between 2015 and 2019 revealed that several growth strategies such as partnerships, collaborations, and agreements; strategic acquisitions; new product launches; and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the microcatheters market.
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Boston Scientific, Inc. (US) is a prominent manufacturer of microcatheters. The company has a broad range of microcatheters used in interventional cardiology, gastroenterology, structural heart, and vascular surgery. The company has a strong geographic presence (manufacturing facilities, R&D facilities, and distribution network) across the countries such as the US, Canada, France, Singapore, Costa Rica, Ireland, the Netherlands, Japan, China, and Turkey. The company focuses on strategic collaborations to develop innovative products and enhance its product portfolio in the microcatheters market.
Medtronic Plc (Ireland) is one of the leading player in the microcatheters market. The company has a strong product portfolio for microcatheters and to strengthen its current position in the microcatheters market, Medtronic is focusing on inorganic business growth strategies such as acquisitions. In line with this strategy, Medtronic acquired Covidien at a value of USD 42.9 billion in 2015 to strengthen its interventional product portfolio. The company is also expanding its R&D capabilities to aid product development and commercialization across major and emerging markets. Medtronic has been investing significantly in strengthening its localized product development capabilities, particularly in emerging markets. It recently established R&D centers in Brazil and South Korea, enhancing its research capabilities and presence in the Asian & Latin American markets respectively.
Terumo Corporation (Japan) held a significant position in the microcatheters market in 2018. The company offers microcatheters specifically for interventional cardiology, interventional oncology, and peripheral intervention. It has a sizable presence across many countries including the US, Japan, Canada, Brazil, Mexico, Chile, Colombia, Peru, Venezuela, China, Singapore, Australia, Indonesia, Thailand, South Korea, India, and Hong Kong, among others. The company focuses on strengthening its position in the microcatheters industry via the strategic expansion of its R&D facilities, manufacturing facilities, and distribution channels.
Microcatheters Market by Type (Delivery, Diagnosis, Aspiration, Steerable), Design (Single, Dual Lumen), Application (Cardiovascular, Neurovascular, Peripheral Vascular, Oncology, Urology), End-User (Hospital, Specialty Clinics) - Global Forecasts to 2024
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